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Green Monster

グリーンモンスター

TSE Growth ・ Ticker 157A ・ Listed

Updated

Result on listing day

+73.5%

Offer price

980 yen

First traded price

1,700 yen

Selling 100 shares at the first traded price would have produced a gain of 72,000 yen, before fees and tax. 100 shares is the minimum trading unit in Japan.

Application period (book building)
2024-03-13 — 2024-03-19
Lottery result
To be announced
Listing date
2024-03-29
Cash needed to apply for one lot (100 shares)
about 98,000 yen
Offering size (at the offer price)
1.1 billion yen ・ 1,150,000 shares
Market capitalisation at listing
3.1 billion yen
Lock-up
Not translated — this is the wording from the Japanese offering documents, kept verbatim so it matches what your broker shows: 既存株主に180日間、一部は90日間/1.5倍解除条項付き

Brokers you can apply through

You can only enter this lottery through a broker underwriting it. The lead underwriter is Mizuho Securities, which receives the largest allocation.

Broker pages are in Japanese. A comparison in English is on the brokers page.

What stands out

  • FXなび is a learning app that the company says has passed 10 million cumulative installs
  • The apps are free to use, and the main revenue comes from success fees earned when a user opens a brokerage or FX account
  • The business has widened from the learning apps into wealth-building support and blockchain infrastructure

What could go wrong

  • Much of the revenue depends on success fees from account openings made through the apps, so results move with market conditions and with how much the partner firms spend on advertising
  • In the year to June 2026 revenue was 1,921 million yen, down 4.2%, with a net loss of 375 million yen, and the company forecasts a further net loss of 413 million yen for the year to June 2027
  • In the year to June 2023 a single app, FXなび, accounted for 76.5% of revenue, so the business leans heavily on one product

About the company

A company that runs free apps for learning about investing by trying it out, including FXなび (FX Navi), 株たす (Kabutasu) and トウシカ (Toushika).

How it makes money

The apps are free for users. The main source of revenue is a success fee, paid through an affiliate service provider (ASP), when someone opens an account with a brokerage or an FX firm after coming through one of the apps. In the year to June 2023, FXなび alone accounted for 76.5% of revenue. The company now runs three businesses: the learning apps themselves, a wealth-building support business covering investment schools, financial education for companies and organisations and one-to-one consultations with specialists, and an infrastructure business operating validator nodes for blockchain networks.

Where growth is meant to come from

Alongside the learning apps, the company now presents three pillars: the apps themselves, a wealth-building support business run through three group companies (FPコンサルティング, ファイナンシャルインテリジェンス and Financial Free College) covering investment schools and financial education delivered at workplaces, and an infrastructure business operating blockchain validator nodes. For the year to June 2027 the company forecasts revenue of 2,386 million yen, up 24.2%, but a net loss of 413 million yen.

Read about this company in Japanese →

Figures are taken from the offering documents and public sources, and are checked against two independent sources before publication. Nothing here is investment advice. Shares can and do open below their offer price.